Cramer was critical of downgrades of Bank of America and JPMorgan. While the latter does have some important issues that need to be fixed, including data security, the Bank of America downgrade doesn’t seem to make sense. Cramer says the right time to downgrade a stock is when it is overvalued, but Bank of America’s stock hasn’t done much. Instead, many analysts tend to downgrade in clusters when a stock has already fallen, but then it is too late. “They can’t take the pain, so they downgrade, ” Cramer said. As interest rates are expected to go higher, it seems Bank of America will increase, not decrease, in value.
“These guys make me tired, ” Cramer said of analysts who are late to the party. “Where were you when these stocks were higher?”
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
